Veracity Capital LLC Has $397,000 Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

Veracity Capital LLC grew its position in Freeport-McMoRan Inc. (NYSE:FCX) by 4.6% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 10,497 shares of the natural resource company’s stock after buying an additional 465 shares during the period. Veracity Capital LLC’s holdings in Freeport-McMoRan were worth $397,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in FCX. Brighton Jones LLC grew its holdings in shares of Freeport-McMoRan by 24.2% in the 4th quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company’s stock valued at $564,000 after buying an additional 2,882 shares during the period. Chicago Partners Investment Group LLC boosted its stake in Freeport-McMoRan by 16.9% in the 4th quarter. Chicago Partners Investment Group LLC now owns 5,948 shares of the natural resource company’s stock worth $236,000 after purchasing an additional 860 shares during the period. Tokio Marine Asset Management Co. Ltd. boosted its stake in Freeport-McMoRan by 5.0% in the 4th quarter. Tokio Marine Asset Management Co. Ltd. now owns 46,088 shares of the natural resource company’s stock worth $1,755,000 after purchasing an additional 2,212 shares during the period. Spire Wealth Management acquired a new position in Freeport-McMoRan in the 4th quarter worth $423,000. Finally, Greenleaf Trust boosted its stake in Freeport-McMoRan by 1.4% in the 4th quarter. Greenleaf Trust now owns 25,777 shares of the natural resource company’s stock worth $982,000 after purchasing an additional 363 shares during the period. Institutional investors and hedge funds own 80.77% of the company’s stock.

Wall Street Analysts Forecast Growth

FCX has been the subject of a number of research analyst reports. Dbs Bank raised shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 10th. Wolfe Research raised shares of Freeport-McMoRan from a “peer perform” rating to an “outperform” rating and set a $39.00 target price for the company in a research note on Wednesday, April 16th. Deutsche Bank Aktiengesellschaft raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $47.00 target price for the company in a research note on Thursday, March 6th. Wall Street Zen lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Tuesday, April 8th. Finally, Raymond James reaffirmed an “outperform” rating and issued a $52.00 target price on shares of Freeport-McMoRan in a research note on Friday, April 25th. Five analysts have rated the stock with a hold rating, eight have assigned a buy rating and three have assigned a strong buy rating to the company’s stock. According to MarketBeat, Freeport-McMoRan has a consensus rating of “Moderate Buy” and an average target price of $48.36.

Freeport-McMoRan Trading Up 0.3%

Shares of NYSE:FCX opened at $40.28 on Wednesday. Freeport-McMoRan Inc. has a 52-week low of $27.66 and a 52-week high of $52.61. The company has a market capitalization of $57.89 billion, a P/E ratio of 31.23, a price-to-earnings-growth ratio of 0.87 and a beta of 1.65. The company has a 50-day simple moving average of $36.25 and a 200 day simple moving average of $38.37. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.18 and a current ratio of 2.42.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Thursday, April 24th. The natural resource company reported $0.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.01. Freeport-McMoRan had a net margin of 7.42% and a return on equity of 7.50%. The business had revenue of $5.73 billion during the quarter, compared to the consensus estimate of $5.36 billion. During the same period last year, the business posted $0.32 EPS. Freeport-McMoRan’s revenue was down 9.4% on a year-over-year basis. Sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, May 1st. Investors of record on Tuesday, April 15th were paid a $0.15 dividend. The ex-dividend date of this dividend was Tuesday, April 15th. This represents a $0.60 annualized dividend and a yield of 1.49%. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 24.79%.

Insider Activity at Freeport-McMoRan

In other Freeport-McMoRan news, CAO Ellie L. Mikes sold 8,584 shares of the stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $40.02, for a total value of $343,531.68. Following the transaction, the chief accounting officer now directly owns 48,333 shares of the company’s stock, valued at $1,934,286.66. This represents a 15.08% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.75% of the stock is currently owned by company insiders.

About Freeport-McMoRan

Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. It primarily explores for copper, gold, molybdenum, silver, and other metals. The company's assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Chino and Tyrone in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.